TRENTON - Demonstrating its commitment
to protecting the financial rights of New Jerseyans, the Department of Banking
and Insurance today unveiled a Consumer
Credit Bill of Rights. The bill provides for additional consumer rights
to complement existing rights contained in New Jersey's Fair Credit Reporting
Act (FCRA). New Jersey is the first state to issue this type of additional protection
that empowers consumers in regards to their credit history.

"New Jersey has long been a
leader in providing consumers with the best protections in the nation. Today,
we keep that momentum going by being the first state to unveil a bill of rights
dedicated to establishing safeguards in the financial marketplace," said
Governor James E. McGreevey.

In the dynamic financial marketplace,
credit history is playing an increasingly pivotal role in the daily lives of
consumers. Companies may use a person's credit history to evaluate his or her
application for credit, insurance, or employment. Those companies can decide
to grant or deny individuals based on credit history. The Consumer Credit Bill
of Rights advocates fair and equal treatment to those applying for credit, and
once enacted will provide added protection when errors are detected.

"Enabling New Jerseyans to
protect their credit is critical to their preserving financial security"
U.S. Senator Jon S. Corzine said. "One key part of this effort must be
promoting financial literacy. I am pleased that New Jersey is at the forefront
of these efforts."

The Department's goal is to protect
consumers by ensuring that the financial marketplace is behaving responsibly
with respect to the use of personal credit information. The Department plans
to monitor how consumers' credit histories are being evaluated in order to track
potential patterns of consumer abuse and help maintain the State as a "consumer
watchdog" for all New Jersey consumers.

"As New Jersey becomes a clearinghouse
for information regarding the accuracy and use of credit history, it is the
Department's objective to better prepare consumers for the expanding role of
credit in their lives," Banking and Insurance Commissioner Holly C. Bakke
said. "Our intent is help consumers become more financially responsible
while making certain that companies who use credit reports act responsibly with
consumer information."

All of the tools and rights outlined
in the bill will be implemented by Labor Day with the exception of those provisions
requiring legislation, which will be introduced following the legislative summer
recess. Among the provisions listed in the bill, consumers have the right to:
control who sees their credit information; file complaints with the Department
of Banking and Insurance; and freeze access to the credit file held by a consumer
reporting agency.

"From predatory lending to
identity theft, New Jersey consumers face attacks on their financial security
now more than ever," said Senator John H. Adler. "The Consumers' Credit
Bill of Rights provides 10 common sense means for New Jersey residents to protect
an increasingly essential commodity - good credit. Many of these rights are
already state law and we are working hard to make sure the others soon will
be. But the most important thing is to make the public aware that by exercising
these rights, they can protect their good credit."

The Department's consumer protection
and financial education initiative goes beyond the Bill of Rights. The Department
recently launched the New Jersey Financial Literacy Awareness Network (NJFLAN),
an initiative to help consumers of all ages better understand and manage their
finances. NJFLAN will distribute financial education materials, in both English
and Spanish, throughout community organizations, schools, financial institutions
and corporations throughout the state.

"Whether it is through Senator
Corzine's financial education initiatives, the Department's consumer protection
efforts or the state's new Consumer Credit Bill of Rights, we are positioning
New Jersey consumers to take advantage of learning how to manage their financial
life," Assemblyman Joseph Cryan said. "All of these efforts educate
consumers on how to understand the use of credit, the importance of having credit,
and how they can improve their credit worthiness.